Method and system for conducting secure transactions with credit cards using a monitoring device

Inactive Publication Date: 2014-07-31
RELIANCE COMM
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

[0011]Once a transaction is authorized, it may be completed using conventiona

Problems solved by technology

Of course, online stores can only accept some kind of credit card as a payment mean.
Unfortunately, fraudulent transactions involving credit cards have also become very common.
While the banks, credit card companies, and police departments are aware of these activities, due to lack of man power and other factors, there is very little effort being made to prevent such activities.
Typically, merchants may be reimbursed for loses due to credit card fraud by insurance companies, but are still negatively affecte

Method used

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  • Method and system for conducting secure transactions with credit cards using a monitoring device
  • Method and system for conducting secure transactions with credit cards using a monitoring device
  • Method and system for conducting secure transactions with credit cards using a monitoring device

Examples

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Embodiment Construction

[0020]As previously described, the present application pertains to a method and system for performing financial transactions (e.g., payments for goods and services) using a payment card, For this purpose, system 100 includes a payment member such as a payment card 10 shown in FIG. 1. In this application the term payment card and credit card are used interchangeable however it should be understood that the payment card can be cash card, a debit card, a credit card, etc.

[0021]The card 10 may have the same size, shape and characteristics as conventional cards. For example, the card 10 may be imprinted with the conventional information 12, such as the name of the issuing entity, the name of the customer, a card number, expiration date, etc. Importantly, an electronic means is provided for detecting and / or identifying the card 10. For example, the card 10 may include an RFID chip 14 and / or an NFC chip 16 The RFID may be either an active or a passive device.

[0022]In one embodiment of the ...

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Abstract

A system is presented for performing secure transactions, the system including a payment member, such as a payment card, a monitoring device monitoring that the payment member is physically near the monitoring device and a portable communication device, such as a cell phone, used to communicate with a credit card server. The monitoring device checks to see if it can establish a close range communication link with the payment member and the sends information to the credit card server permitting transactions to be completed. The customer associated with and carrying the payment member, the monitoring device and the portable communication device is authenticated using a biometric sensor in the monitoring device.

Description

RELATED APPLICATIONS [0001]This application claims priority to U.S. Provisional Applications Ser. No. 61 / 757,789 filed Jan. 29, 2013 and Ser. No. 61 / 839,958 filed Jun. 27, 2013, both incorporated herein by reference.BACKGROUND OF THE INVENTION[0002]A. Field of Invention[0003]This invention pertains to a method and system for performing secure transactions either in a regular or virtual store. Before a transaction for a product or service is approved, a check is performed to determine if a payment instrument (that could be a credit card or a portable device) is in close physical proximity to a monitoring device and otherwise the transaction is not permitted.[0004]B. Description of the Prior Art[0005]The present invention involves a method and system for conducting transactions, e.g., buying products or services, with a credit card, mobile device, or other similar means. The term ‘credit card’ is used generically to cover various different cards that can be used to make payments, incl...

Claims

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Application Information

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IPC IPC(8): G06Q20/40
CPCG06Q20/405G06Q20/3278G06Q20/4016G06Q20/352G06Q20/40145G07F7/084
Inventor NARULA, MIKE
Owner RELIANCE COMM
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